Print this page

Daily Market Report Archive

Grain & Soybean Date: July 18, 2012

Soybeans

Local Elevators:
(July) EAST AR:  1642 to 1713
(NC) Summ. 1604 to 1629
River Elevators:
(July) MISS: 1640 to 1716 ; AR & White 1651 to 1704
(NC) Summ. 1614 to 1643
Ark. Processor Bids: (July) 1668 to 1703  (NC) 1624 to 1625
Memphis:  (July) 1729 1/2 to 1740 1/2 (NC)  1639 to 1642
Riceland Foods:  (July) Stuttgart 1633 ; Pendleton 1635 
 (NC) Stuttgart 1615 ; Pendleton 1620 

Chicago Futures: Aug up 44 1/2 at  1683 1/2
  Sept  up  35 1/4  at  1648
  Nov up 29 1/2  at  1620
  Jan up 25 1/4  at  1611 1/4
  March up 10 3/4  at  1545
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans turned overnight declines to big gains in all the front end contracts. It remains a question of when and where it is raining. While some rain fell in the upper Midwest it wasn’t in the driest areas. Yield estimates the decline is slow, but in an already tight situation every bushel means a lot. Old crop soybeans are approaching $17, while November is well over $16 and just over a dollar below the gap objective of $17.25.

Wheat
Cash bid for July at Memphis  863 1/4 to 873 1/4;

Bids to farmers at Local Elevators 861-873;
River Elevators 834-878;

Chicago Futures: Sept up  18 1/4  at  903 1/4 
  Dec up 15 1/4  at  912 1/2 
  March up  13 1/2  at  916 1/2 
  May up  7 1/2  at  897 
  July down  3 3/4  at  836 3/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for July at Memphis  1263 to 1267;

Bids to farmers at River Elevators 1204-1230;
Today's Arkansas LDP rate for sorghum is: - - -

Corn

Cash bid for July at Memphis   795 to 797;
  New Crop at Memphis   772 to - - -;
Bids to farmers at River Elevators  754 to 765

Chicago Futures: Sept up  15 1/2  at  795 
  Dec up  13  at  784 1/4 
  March up  11 1/2  at  783 1/4 
  May up  11 1/4  at  779 3/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Nearby wheat futures posted strong gains today, while deferred contracts were lower. The market continues to follow corn futures closely. The drought in the Black Sea region and in the U.S. is beginning to spark discussion about food security. Export bans could result so countries can have enough to feed their own people. Milling quality wheat is in pretty good shape in the fields, so far, in the U.S. USDA said yesterday that 65% of the crop is in good to excellent condition, down only 1 point from last week’s report. September futures have moved above previous resistance at $9, and further gains are possible.

Corn is generally thought to be too far along for rain to help much. A national poll of analysts had an average yield of 137 bushels per acre for corn, while ranging as low as 130. The 137 would drop as low as 130. The 137 would drop 2012 production to around 12.2 billion bushels. Old crop futures have yet to top $8 but were just a few cents below that level today. December hit $7.85 and are only 70 cents or so from the gap objective.



Cotton & Rice  Date: July 18, 2012


Cotton

Spot Price, Grade 41 Staple 34: Memphis up 99 at  6785
  Greenwood up  99 at 6785

New York Futures: Oct up  99  at  7110 
  Dec up  88  at  7193 
 March up  93  at  7286 
 May up  95  at  7362 
 July up  90  at  7463 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton bounced back from a solid decline yesterday to firm some today. Concerns about the U.S. and world economics continue to weigh on the market. Signs of improvement bring funds back to the market, while the market loses momentum on reports of weak economic activity. December continues to trade within a 10 cents range that features resistance around 75 cents. The market had consolidated in a tight 3 cents range the past 3 weeks.

Rice

Long Grain Cash Bid for  July - - -  to  - - -
  NC 1470/cwt  to  - - -

Chicago Futures: Sept down  at  1553 1/2 
 Nov down  1 1/2  at  1580 
 Jan down  1 1/2  at  1607 1/2 
 March down  at  1632 1/2 
 May down  at  1652 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures were slightly lower today, and didn’t exhibit much enthusiasm. A larger U.S. long grain crop will limit upside until there is increased demand. The U.S. export market is trading well below year ago levels. Much of that can be attributed to the inability to make specifications on tenders from Iraq. Milled exports continue to move to Haiti, while rough rice sales are also slow.



Cattle & Hogs  Date: July 18, 2012

Cattle
As reported by Federal-State Market News, receipts were 1262 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers sold uneven, calves under 400 lbs sold weak to $5 lower, weights over 400 lbs sold $5 to $10 lower .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 141.00 to - - -
  500 to 550 lbs. 128.00 to - - -
  600 to 650 lbs. 129.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 126.00 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 120.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 114.00 to - - -

Slaughter Cows, Boners 64.00   to   72.00
Light Weight 55.00 to 62.00
Bulls, Yield Grade   1   1000   to   2000 lbs.   85.00   to   91.50
Midwest Steers   were   at   - - -   to   - - -
Panhandle Steers   were   at   - - -   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 142.00 to 152.00
  550 to 600 lbs. 140.00 to 145.00
Heifers 450 to 500 lbs. 130.50 to 139.25
  500 to 550 lbs. 128.00 to 137.00

Chicago Futures:
Live Cattle: Aug up 260 at 11807
  Oct up 287 at 12282
Feeders: Aug up 300 at 13720
  Sept up 300 at 14000

Cattle Comment
Cattle futures recovered some today. Oversold conditions and profit taking on short positions were supportive. Also, reports that Japan has eased its rules on U.S. beef imports were supportive. Demand concerns and higher corn values have been pressuring the market, and plunging wholesale beef values don’t bode well for cattle in the near term.

Hogs
Peoria: were     steady   at   55.00   to   57.00

Chicago Futures: Aug up 267 at 9262
  Oct up 237 at 8005

Hogs Comment
Hogs also recovered today, and the chart picture changed dramatically. The composite pork cutout value increased $1.22 on Tuesday, creating optimism that the market may have bottomed for the time being. October hogs charted a huge reversal after setting a new contract low of $77.32 1/2 before turning higher.



Poultry  Date: July 18, 2012

Eggs

New York:  Ex. Lg. 123-127; Lg. 121-125; Med. 92-96;
Chicago:  Ex. Lg. 101-109; Lg. 99-107; Med. 69-77;

National Turkeys
Hens: 8-16 lbs 106.10
Toms: 16-24 lbs 106.50
 

Delmarva Broilers
U.S. Grade A
Prices for whole broiler/fryers are holding steady. Offerings of all sizes are sufficient to handle trade needs. Demand into all channels is moderate at best. Market activity is light to moderate. In production areas, live supplies are moderate. Weights are desirable to light, but mostly desirable.